ONELINER FACTS

INDIAN ECONOMY
l Who was the first to use human happiness/welfare economics as the concept of Economics?
Adam Smith
l Who used the data collected by Buchanan-Hamilton in support of the concept of
de-industrialisation in 19th century India? Amit Kumar Bagchi
l In economics, total variable cost is equal to the units of output produced Average variable cost(AVC)
l Goods that are usually consumed together are called Complementary goods
l What is the other name of ‘transformation curve’? Production Possibility Curve
l In 1920s, who introduced the term ‘Macro’ in economics? Ragnar Frisch (DSSSB, 2021)
l B2B commerce is an example of what kind of determining market? Auction or dynamic pricing market
l Which fifth largest economy of the world has been over taken by India? United Kingdom
l What is meant by blue economy? It is an economy developed with sustainable use of marine resources.
l By what other name is the capitalist economy known? MMarket economy
l What was the basis of the ‘Gandhian ideal’ of the Indian economy?
Village industry-based development
l On the basis of economic activities, how many sectors are there in the Indian economy? Three
l What was approximately the percentage share of the industrial sector in India’s Gross Domestic
Product (GDP) in the year 1950-51? 13% (SSC CPO 2022)
l Under which sector of economic activity does transportation and storage come?
Tertiary sector (IB ACIO 2024)
l Which process of pricing is also called distribution? Factor pricing
l Which economist first explained the theory of demand? Marshall
l Who propounded the concept of limits to growth? The Club of Rome
l ‘The Malthusian Theory’ of T. Malthus is related to Population (UPPSC (Pre) 2022)
l The proportion of a small increase in income that will increase consumption expenditure is
known as Marginal propensity to consume
l When was the Development Monitoring and Evaluation Office (DMEO) established by the
Government of India? 18th September, 2015 (MPPSC (Pre) 2021)
l Which economist moved the subject of economics away from an approach focusing exclusively on
income, growth and utility, with a greater emphasis on individual rights, capabilities, freedoms
and entitlements? Amartya Sen (SSC MTS 2021)
l Under economic development, the increase in real national income is not sudden, but of what
kind? Continuous and long-term
l What is meant by sustainable economic development?
Development of the future generation along with the present generation
l Due to which reasons the participation of labour in the gross national product is low?
Wages are low compared to prices

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l In which Human Development Report (HDR) of UNDP was the Gender Inequality Index
introduced? HDR, 2010 (UKPSC (Pre) 2022)
l What is the reason for improvement in the Sustainable Development Goal ‘Good Health and
Well-being’ in India? Decline in Maternal Mortality Rate; (HPPSC (Pre) 2020)
l With which country has India formed a task force for partnership for sustainable development
on blue economy (marine resources)? Norway (MPPSC (Pre) 2021)
l Which educational development indicator is currently used by the United Nations Development
Programme (UNDP) to create the Human Development Index?
Average Years of Schooling (UPSC CAPF 2020)
l ‘Ease of Living Index’ is an initiative of which ministry?
Ministry of Urban Development (RRB Group-D 2018)
l Who gave the concept of Gross National Happiness? Jigme Singye Wangchuk (Bhutan)
l The concept of sustainable development was first developed with the publication of which report?
The Brandland report
l The theory of national income comes under which branch of economics?
Macro Economics (SSC CGL (T-1) 2022)
l What is the value of all (final) goods and services produced by the normal residents of a country in a
year, whether they circulate within or outside the domestic territory, called?
Gross National Income (CDS 2019)
l What was the gross domestic product of India on the eve of independence?
` 2.7 lakh crore (RRB Group D 2022)
l What is added to the factor cost to get the market price? Tax
l How is GDP calculated according to the output method?
GDP + Constant prices + taxes + subsidies; [SSC CGL (T-1) 2022]
l Which method is used to calculate national income by summing up the total expenditure on final
goods and services in an economy? Expenditure Method (SSC MTS 2023)
l What is Net National Product (NNP)? NNP = GNP - Depreciation (SSC CGL (T-1) 2023)
l By what other name is GDP deflator known? Implicit Price Deflator (SSC CGL (T-1) 2022)
l Why is it important to distinguish between final and intermediate goods/services in national
income accounting? It helps in measuring economic growth and
productivity more accurately (SSC MTS 2023)
l According to the output method, how is GDP calculated?
GDP at constant prices – Tax + Subsidy; (SSC CGL (T-1) 2022)
l In India, national income is measured in terms of Net National Product at Factor Cost
l Which method is not a part of the method of measuring national income?
Debt method (SSC MTS 2023)
l When we divide NNP (Net National Product) by the total population of a nation, we get
Per Capita Income (RRB NTPC 2022)
l In what form can Personal Disposable Income (PDI) can be defined as
Personal Income (PI) - Personal Tax Payment
–Non-Tax Payment (SSC CGL (T-1) 2022)
l Who was the chairman of the National Income Committee appointed by the Government of India
in 1949? P.C. Mahalanobis

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l What is the GDP expressed adjusting for the cost of environmental pollution and exploitation of
natural resources called? Green GDP (SSC CHSL (T-1) 2022)
l The GDP that takes into account the cost in terms of environmental pollution and natural
resources is called Green GDP (SSC CHSL (T-1) 2022)
l Who opposed planned development in India? Mahatma Gandhi (UPPSC 2019)
l Who is the Chairman of NITI Aayog? Prime Minister (BPSC (Pre) 2021)
l Which institution is based on the principle of people-centric, active and participatory development
agenda and responsible for the implementation of Sustainable Development Goals in India?
NITI Aayog
l What is the full form of NITI Aayog? National Institute for Transforming India Aayog
l On which date was the National Development Council formed? On 6th August, 1952
l During which five year plan was the All India Khadi and Rural Board established?
First Five Year Plan
l During which five-year plan was the Mahila Ansh Yojana started? Ninth Five Year Plan
l Who was the young economist involved in drafting the plan of the First Five Year Plan
(1951-1956)? K. N. Raj (RRB NTPC 2021)
l During which five year plan did India adpoted a mined economy?
Second Five Year Plan [RRB NTPC 2011]
l Which five year plan was the first plan to focus on gender issues, women empowerment and
growing disparities between states and inter-regional disparities? Fifth Five Year Plan
l During which five year plan was the Rural Landless Labour Guarantee Programme launched?
Sixth Five Year Plan (SSC CGL (T-1) 2022)
l In which five year plan was ‘Jawaharlal Rozgar Yojana’ started?
Seventh Five Year Plan (SSC CHSL (T-1) 2023)
l Under which five-year plan did the Green Revolution start in India? Under the Third Five Year Plan
l What was the subject matter of the Eleventh Five Year Plan for the education sector?
Compulsory elementary education
l Who was the first person to discuss the concept of poverty line in India before independence?
Dadabhai Naoroji (SSC CPO 2022)
l What was the percentage of persons below the poverty line in rural areas of India in 2011-12?
25.7% (SSC CGL 2022, SSC CPO 2022)
l What is the full form of BPL? Below Poverty Line (SSC MTS 2023)
l Dandekar-Rath formula is related to Determination of poverty line
l What does UBI mean as an alternative to the economy in poverty alleviation?
Universal Basic Income
l What was the estimate of the National Poverty Line for the year 2011-12 per month for urban areas of
India? ` 1000
l How is the number of poor measured by the proportion of people living below the poverty?
By Head Count Ratio (RRB NTPC 2022)
l According to the Multidimensional Poverty Index Progress Report-2023, which state recorded the
highest decline in the number of MPI poor? Uttar Pradesh (SSC Steno 2022)

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l Why are the official poverty lines higher in some states of India than in other states in any given
year? Because the price level varies from state to state.
l Which states have the lowest percentage of population below the poverty line in India as per the
poverty statistics (2011-12)? Goa and Kerala (SSC CGL 2022)
l What is the objective of the National Social Assistance Programme?
Old age pension for the extremely poor
l The Tendulkar Committee estimated the population below the poverty line in India to be how
much? 37.2%
l What was the poverty rate of India for the year 2011-12 based on Tendulkar method?
21.92% (UK Lower Sub 2021)
l Which unit is considered in the calculation of Multidimensional Poverty Index? Family
l What is the number of people called who remain unemployed for most of the year?
General situation unemployment
l Which programme was started for providing skill Market relevant training to youth
l Cyclical unemployment means
Unemployment during a recession in the business cycle
l In which type of unemployment a person contributes less than his capacity?
Disguised Unemployment (SSC MTS 2023)
l What is meant by hidden or invisible unemployment? Having more people in work
l By which method is the calculation of unemployment rate in India correctly defined?
Unemployment among persons in the labour force by percentage of persons (SSC CHSL (T-1) 2023)
l When was the Pradhan Mantri Rozgar Yojana (PMRY) started? In 1993
l What is the full form of SJSRY in relation to self-employment programmes implemented by the
Government of India in the year 1997? Swarn Jayanti Shahari Rozgar Yojana
l When was the Make in India programme started? September, 2014
l What is the strategic objective of IRDP? Providing opportunities for rural employment
l When was the Skill India campaign launched? July, 2015
l Where is the National Institute of Rural Development located? Hyderabad
l When was the National Family Benefit Scheme started by the Government of India?
In August, 1995 (SSC MTS 2023)
l Which scheme was launched by the Government of India on 28th August, 2014 to accelerate the
financial inclusion? Prime Minister Jan Dhan Yojana
l When was ‘Antyodaya Ann Yojana’ launched? In December 2000
l How many components are there in Prime Minister Annadata Income Conservation Campaign
(PM-AASHA)? Three components
l When was the Aspirational District Programme (ADP) launched by NITI Aayog?
In January, 2018 (UP RO/ARO (Mains) 2021)
l What is the new name of Indira Awas Yojana? Pradhan Mantri Awas Yojana
l Which State/Union Territory constructed 3,300 km of rural roads in ‘2020-21 under Pradhan Mantri
Gram Sadak Yojana? Jammu and Kashmir (SSC CPO 2022)
l The TRYSEM programme related to Women Empowerment Programme through Rural Development

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l The organisation that provides financial support to ‘Tejaswini Rural Women Empowerment
Programme’ is Integrated Finance Division
l Which scheme empowers rural women through community participation?
Pradhan Mantri Mahila Shakti Kendra
l Which ministry implemented the Mid-Day Meal Scheme?
Ministry of Human Resource Development and Ministry of Education
l What is SWAYAM? Study Webs of Active Learning for Young Aspiring Minds
l Mission Indradhanush, an initiative of the Government of India is associated with Immunisation
l The Clean Development Mechanism programme is used to reduce?
Greenhouse Gas Emissions (RRB NTPC 2021)
l What is the name of the scheme launched by the Government of India to make India clean and
open defecation free? Swachh Bharat Abhiyan
l Which ministry launched the Ude Desh Ka Aam Nagrik (UDAN) scheme on 15th June, 2016?
Ministry of Civil Aviation
l According to the Economic Survey 2020-21, what is the share of agriculture in India’s GDP in
2020-21? 19.9% (UKPSC (Pre) 2021)
l Which land is not for use? Marginal land
l Which panel constituted by the Government of India suggested complete deregulation of the sugar
industry? Rangarajan Panel
l Cotton and jute textile industry, sugar, vegetable and plantation industries are directly dependent
on Agriculture
l Who is known as the father of Green Revolution in India?
M.S. Swaminathan (HSSC 2020, UPSSSC PET 2022)
l What is not included in the Second Green Revolution proposed by the Prime Minister?
Encourage foreign investment in agriculture
l In which year operation flood was launched with the aim of creating nationwide milk grade?
In 1970
l During its first phase, Operation Flood connected, how many major milk sheds of India to
consumers in four metropolitan cities? 18 major milk shed
l Why has the National Mission for Sustainable Agriculture been launched?
To increase agricultural productivity through integrated farming
l Which is a central or apex institution that finances agriculture in rural areas? NABARD
l Types of depository institutions are Credit unions, commercial banks and credit co-operative societies
l What is the full form of KCC? Kisan Credit Card
l In which year was the National Mission for Sustainable Agriculture started? In 2008
l When was the Regional Rural Bank established? On 2nd October, 1975
l Which is the apex institution providing finance for agriculture and rural development in the
country? NABARD
l Which report prepared in 1940s was specifically based on agricultural prices?
Krishnamachari Report (RRB NTPC 2022)
l What is the price declared by the government before the sowing season every year to encourage
farmers? Minimum Support Price (MSP) (UPSC CAPF 2021)

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l Dairy comes under which sector of economic activity? Primary Sector
l When did the Government of India approve the National Farmers Policy (NFP)?
In 2007 (RRB NTPC 2021)
l What is the amount provided every year to farmers with ownership up to 2 hectares under the
Prime Minister Kisan Samman Nidhi? ` 6000
l Where is the newsprint industry located? Nepanagar (BPSC 2022)
l What is included in the core sector industries of India? Crude Oil, Fertilizer and Cement
l India’s oldest oil field is located in which state? Assam
l In which year was the Commercial Paper (CP) used by corporate houses in India introduced?
1990 (RRB NTPC 2022)
l The benefit of industrial development and foreign trade is Increased competition
l Which is an example of joint sector industries? Maruti Industry Limited (SSC MTS 2023)
l Industrial sector in the economy refers to which sector? Secondary sector
l What is the basis of classification of an enterprise into public or private sector? Ownership of assets
l When was the policy of Special Economic Zone announced in India? April, 2000
l Coal, iron and steel, aircraft manufacturing were kept under which category? Secondary Sector
l What was the limit of investment in small units in Industrial Policy, 1980? ` 1 lakh to 2 lakh
l Which labour related act has been included in the Wage Code 2019?
Minimum Wages Act, Bonus Payment Act and
Equal Remuneration Act (UPPSC PT 2021)
l The Companies Act, 2020 makes special provisions for payment of remuneration to whom?
Executive Directors
l Under the National Manufacturing Policy 2011, since when manufacturing was enabled to
contribute at least 25% of the GDP? By the year 2022
l What is the Ministry of Heavy Industries and Public Enterprises made up of?
Department of Heavy Industries and Department of Public Enterprises
l Which has the highest contribution in the index of eight basic (major) industries? Refinery product
l What are the industries that use local raw materials called? Cottage Industry
l Which is the most important small-scale industry in India? Handloom Industry
l When was the Micro, Small and Medium Development Act passed? 2006
l Who chaired the National Commission constituted for the unorganised sector industry?
Arjun Sen Gupta
l Under whose chairmanship was the Law Committee on Competition Policy formed in 1999?
S.B.S. Raghavan
l How many marks out of 100 does a public sector company have to score to attain Navratna status?
60 points
l In India, businesses with an investment of up to ` 1 crore and turnover of up to ` 5 crore are
known as Micro Enterprises
l Which is the largest organised and comprehensive industry in India? Textile Industry
l What is the main (primary) function of money in an economy? Medium of exchange (SSC MTS 2023)
l What are currency notes and coins called? Paper money (SSC MTS 2023)

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l What is called all the monetary transfers or goods sent by migrants to their native place?
Remittance (SSC CGL (T-1) 2020)
l In which year was the first paper currency introduced in India? In 1862 AD
l What is the proper definition of high power currency? Currency issued by a central bank, which
can be held by the public or commercial banks. (RRB NTPC 2022)
l The Reserve Bank of India regularly publishes data for four alternative values of money supply.
What are these values? M 1, M 2 , M 3 and M 4 , respectively
l M1 is related to which type of money? Near money
l Under which system is currency issuance possible in India? Minimum Reserve System
l What is called smart money or plastic money? Credit/debit card
l Who was the Governor of the Reserve Bank of India at the time of demonetisation on 8th
November, 2016? Urjit Patel (RRB [NTPC 2020 UP Police Const 2024)
l On what basis is inflation measured in India? On the basis of Consumer Price Index, Wholesale
Price Index and Workers’ Cost of Living Index
l Who releases the ‘Consumer Price Index’ for Industrial Workers? Labour Bureau
l Decrease in the rate of inflation in a specific period is related to Disinflation
l What is not included in the calculation core inflation? Food and fuel components
l In which year is zero rate of inflation considered mandatory?
Annual rate of inflation is zero in every week of the year
l Which inflation can be predicted? Creeping inflation
l When the rate of inflation is between 3 to 6% on an annual average, then what is such inflation
called? Moving inflation
l When the rate of inflation goes beyond three digits, what is it called? Hyperinflation
l Deflation can be defined as ........ of goods and services in an economy. decrease in price (HSSC 2021)
l Which currency has been introduced by the Iranian government to control inflation?
Toman (HSSC 2021)
l ‘Headline inflation’ refers to changes in the prices of all goods in the basket. On what basis is it
measured? Aggregate Consumer Price Index (UPPSC (Pre) 2021)
l When was the first wholesale price index started? 10th January, 1942
l The first bank managed entirely by Indians was Punjab National Bank (RRB NTPC 2021)
l Indradhanush Yojana is related to Financial reform of banks
l Which bank of the world is called the ‘Mother of central banks’? Bank of England
l When was the Reserve Bank of India nationalised? 1st January, 1949 (MPPSC (Pre) 2023)
l Which animal is present on the emblem of the Reserve Bank of India? Tiger (RRB Group-D 2022)
l Who manages the development fund for MFIs? Reserve Bank of India (RRB Group-D 2022)
l When did the Reserve Bank of India introduce a comprehensive regulatory framework for NBFCs,
MFIs? 2nd December, 2011 (SSC CGL (T-2) 2023)
l When did the Reserve Bank of India issue its first digital (E-Rupee) currency? On 1st November, 2022
l The task of general management and direction in the Reserve Bank of India is entrusted to the
Central Board of Directors based on how many members? 20

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l What is that percentage called, by which the borrower pays more than the amount borrowed?
Indicative Interest Rate (CDS 2021)
l Qualitative credit control is more effective in preventing Inflationary conditions
l What is the rate at which the Reserve Bank of India (RBI) borrows money from commercial banks
called? Reverse Repo Rate (HSSC 2020)
l Through which medium can a retail investor invest in treasury bills and ‘Government of India’
debt bonds’ in the primary market? Through demat accounts
l Which acts as an automatically stabilising factor in the context of fiscal and monetary policies in an
economy? Personal Income Tax (UPSC CAPF 2021)
l Cash Reserve Ratio (CRR) and Open Market Operation (OMO) are the instruments of
Monetary Policy
l Loan, whose interest rates are variable is called Floating rate loans
l What is the relation between ‘Interest rate’ and ‘Currency’? Inverse (SSC CGL 2024)
l Which bank was not nationalised during the first phase of nationalisation of banks?
Vijaya Bank (UPSSC PET 2023)
l Who selects the chairmen of public sector banks? Banks Board Bureau
l Which is the oldest joint stock bank in India? Allahabad Bank (SSC MTS 2023)
l Which two banks were merged into Bank of Baroda on 1st April, 2019? Vijaya Bank and Dena Bank
l Co-operative banks are established by the Act made by whom? State Government
l By which Act urban co-operative banks were brought into existence in India?
By the Banking Regulation Act, 1949 (IAS 2021)
l What is the full form of NPCI in the context of retail payment and settlement system?
National Payment Corporation of India
l Which is a private sector bank in India? Federal Bank
l What percentage of foreign investment is allowed in private banks? 74%
l When was the London Money Market (LIBOR) abolished? 2021
l The Reserve Bank of India announced the formation of a committee under the Financial Stability
and Development Council on 7th March, 2014. This committee will set guidelines for the banking
sector to implement which capital norm? Basel II
l Which committee was formed to reform the banking sector? Narasimhan Committee
l The F1-Index introduced by the Reserve Bank of India is related to Financial Inclusion
l The correct description of financial inclusion is
the delivery of financial services to the poor at an affordable cost
l Which regulatory body in India is responsible for the supervision and regulation of Micro-Finance
Institutions (MFIs)? Reserve Bank of India (RBI)
l Which is a part of the institutional structure of rural banking?
Regional Rural Banks, Commercial Banks and
Cooperative and Land Development Banks
l Microfinance institutions in India mainly target which section of the population?
Low-income individuals and small businesses
l KYC compliance is a mandatory practice under which Act? Prevention of Money Laundering Act, 2002

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l Which was the first bank to launch UPI Lite feature? Paytm Payment Bank
l What exchange of goods and services takes place between two or more parties without the use of
money? Bartering without the use of money
l ‘Guild End’ (Best Market) market is related to Government securities market
l Major participants of unorganised money market in India are Local money lenders, Chit Funds etc.
l What is the expenditure made by an organisation or company called?
Capital Expenditure on Acquiring New Technology (IAS (Pre) 2022)
l In which year was the Bombay Stock Exchange (BSE) established?
In 1875 AD (by Premchand, Raichand)
l On the basis of the recommendations of which committee, NSE (National Stock Exchange) was
established in India? M.J. Ferwani Committee
l When was the Insolvency Law Reform Committee established? In 2014
l What is the institution that makes systematic purchase and sale of listed securities possible called?
Stock Market
l In which year was India’s over-the-counter exchange linked (OTCEL) to the stock market? 1990
l In which year was the SEBI (Amendment) Act passed?
In 2014
l Who protects investors in the Indian financial institution stock market?
Securities and Exchange Board of India
l Who said that the principle of maximum social advantage is the most fundamental principle that
lies at the core of public finance? Hugh Dalton
l What is not included in domestic income? Income earned by non-residents outside the country
l An example of government revenue receipt is GST collected by the government.
l Long-term fiscal policy in India was announced by which Finance Minister? PP Singh
l Who started fiscal policy in the year 1936? John Maynard Keynes
l On whose ideas is the concept of fiscal policy basically based? Elinor Ostrom
l What do you understand by balanced budget? Expenditure is equal to revenue
l The annual statement of estimated receipts and expenditure of the government in a financial year
is known by which name? Budget
l When does the financial year in India start? 1st April to 31st March
l What is Budget deficit? Increase in revenue tax and government expenditure
l According to the FRBM Act, India’s fiscal deficit should not exceed 3% of GDP
l State Government imposes taxes on which items? Excise duty on alcohol
l Which tax is levied on the sale of inherited property? Capital gains tax
l An example of transfer tax is Property Tax
l Arvind Subramanian Committee is related to GST
l Which is not a type of Goods and Services Tax (GST)? RTGS
l Which of the effects of creation of black money in India is a major cause of concern for the
Government of India? Loss of revenue to the exchequer due to tax evasion
l Who was the chairman of the committee formed for reform of direct and indirect tax in India?
R.J. Chelliah (1991)

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l Settlement Scheme is related to Central Excise Duty
l Under whose chairmanship was the Tax Administration Reform Commission constituted?
Dr. Parth Sarathi Som
l What is the exchange of goods and services between two countries called? International Trade
l Which year is called the year of partition in relation to India's foreign trade?
Year 1991 (Liberalisation)
l Where is the headquarters of the Export Promotion Council for Handicrafts (EPCH) located?
New Delhi
l Which act was introduced in 1973 to regulate foreign exchange in India? FERA
l Many local companies operating in India and some foreign companies operating in India have taken
advantage of which scheme? India’s ‘Production-Linked Incentive Scheme’
l When was the Special Economic Zone policy announced in India? In April, 2000
l What is the full form of FIPB? Foreign Investment Promotion Board
l What is the condition of favourable trade balance? Export-Import
l What is the balance of payments account related to an economy? From external area
l In a fixed exchange rate system, who fixes the exchange rate at a particular level? Government
l When was the rupee devalued for the first time in India? In 1949
l What is the essential effect of devaluation of a currency?
The competitiveness of domestic exports in foreign markets increases.
l What is the sum of net investment and depreciation called? Gross Investment
l In which conference was the World Bank and its associate institution International Monetary Fund
(IMF) established by the United Nations? Bretton Woods Conference
l Which is not a sub-index of the World Bank’s ‘Ease of Doing Business Index’?
Maintaining law and order
l Where is the headquarters of the World Bank located? Washington D.C.
l Which unit of the World Bank provides soft loans? International Development Council
l On the basis of which plan format has the International Monetary Fund (IMF) been established?
Harry D. White (USA)
l What does ‘gold transfer’ (reserve transfer) refer to?
A credit system provided by the IMF to its members
l Where is the headquarters of WTO located? Whose membership number is 164? Geneva
l Which countries have formed ‘NAMA-11’? By developing countries
l Where is the headquarters of SAARC located? Kathmandu (in Nepal)
l Which treaty has been signed by SAARC members? A treaty called SAFTA
l BRICS Summit 2023 was held under the leadership of South Africa, in which it was decided to include
a total of 5 new member countries, now how many member countries are there in total?
10 countries (As of January 2025)
l What was known before the name of BRICS Bank? New Development Bank
l In which city is the headquarters of Food and Agriculture Organisation (FAO) located? Rome (Italy)
l Where is the headquarters of UNICEF located? New York
l What is the full form of UNDP? United Nations Development Programme

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